Nippon Steel exec flies to Washington in last attempt to save US Steel deal, FT reports

Reuters

11:56 JST, September 11, 2024

Japanese steelmaker Nippon Steel’s 5401.T vice-chair will meet senior U.S. officials in Washington on Wednesday in an attempt to save its proposed $14.9 billion takeover of U.S. Steel X.N, the Financial Times reported on Tuesday.

Nippon’s Takahiro Mori will meet several deputy cabinet secretaries involved with the Committee on Foreign Investment in the U.S. (CFIUS), the FT reported, citing people familiar with the situation.

Nippon, the White House and the U.S. Treasury Department did not immediately respond to Reuters’ requests for comment.

CFIUS has told Nippon and U.S. Steel that the merger, which has faced opposition from Republican and Democratic lawmakers, would create national security risks as it could hurt the supply of steel needed for critical transportation, construction and agriculture projects.

Vice President and Democratic presidential candidate Kamala Harris has said she wants U.S. Steel to remain “American-owned and operated.”